U.S. stocks bounced between losses and gains as investors assess persistent inflation after the consumer price index for April remained near a 40-year-high raising concerns about a looming recession.
|I:DJI||DOW JONES AVERAGES||32418.58||+257.84||+0.80%|
|I:COMP||NASDAQ COMPOSITE INDEX||11763.440257||+25.77||+0.22%|
The CPI Index rose by an annual rate of 8.3%, more than economists expected and slightly less than the prior month’s 8.5%.
|USO||UNITED STATES OIL FUND L.P.||78.05||+3.48||+4.67%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||30.65||+1.39||+4.75%|
Oil traded higher, resuming an upward move following a 9% drop over the previous two sessions. U.S. West Texas Intermediate crude climbed to $104 and Brent, the international benchmark, hit $106.
The Energy Information Administration released its inventory report for last week. Crude stockpiles rose by 8.4 million barrels, following a surprise build of 1.3 million barrels the previous week.
In earnings Coinbase Global took a drastic hit after the company missed estimates for first-quarter revenue and posted a loss.
|COIN||COINBASE GLOBAL INC.||55.95||-17.04||-23.35%|
Moderna in focus after announcing its “recently appointed Chief Financial Officer, Jorge Gomez, has departed the Company, effective immediately. The announcement follows the May 10 public disclosure by Mr. Gomez’s former employer, Dentsply Sirona Inc., of an ongoing internal investigation into certain matters, including financial reporting” the company disclosed in a statement.
After the close of trading, Dow member Disney is set to report.
|DIS||THE WALT DISNEY CO.||109.06||+1.38||+1.28%|
Bitcoin dipped below the $30,000 level following the hotter than expected inflation read.
CLICK HERE TO READ MORE ON FOX BUSINESS
FOX Business’ Ken Martin and The Associated Press contributed to this report.